Advanced Energy Industries, Inc. reported first‑quarter 2026 revenue of $511 million, up 26% from $405 million in Q1 2025, driven by a 101.9% jump in Data Center Computing revenue to $194.2 million and a 1.3% decline in Semiconductor Equipment revenue to $219.4 million.
GAAP net income was $66.8 million, while non‑GAAP net income reached $83 million. Non‑GAAP diluted earnings per share were $2.09, beating the consensus estimate of $1.97 by $0.12 (6.1%). The GAAP diluted EPS of $1.59 also surpassed the estimate of $1.97.
Non‑GAAP gross margin expanded to 40.1%, up 40 basis points sequentially and 220 basis points year‑over‑year, reflecting a favorable product mix and cost‑control measures that offset tariff expenses.
Management raised its fiscal‑year guidance, projecting Q2 2026 revenue of $520 million to $560 million and diluted EPS of $1.93 to $2.43, a lift that signals confidence in sustained demand for high‑margin data‑center and semiconductor solutions.
Steve Kelley, President and CEO, said the company had "achieved a key strategic milestone by delivering non‑GAAP gross margin above 40%." Paul Oldham, Executive VP & CFO, noted that "Revenue of $511 million increased 26% year‑over‑year and was ahead of our guidance driven by strong data‑center computing revenue."
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